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DraftKings | 8-K: Draftkings Inc. Announced Its First Quarter 2024 Financial Results

SEC announcement ·  May 3 04:23
Summary by Futu AI
On May 2, 2024, DraftKings Inc. reported a significant increase in revenue for the first quarter of 2024, with figures reaching $1,175 million, a 53% rise compared to the same period in the previous year. The company attributed this growth to robust customer engagement, efficient new customer acquisition, expansion into new jurisdictions, and improved promotional strategies. CEO Jason Robins highlighted the company's outstanding performance and the benefits of a scaled fixed cost structure. CFO Alan Ellingson announced an increase in the 2024 revenue guidance midpoint to $4.9 billion and the Adjusted EBITDA guidance midpoint to $500 million, reflecting confidence in customer acquisition and engagement for the remainder of the year. The company also reported an increase in Monthly Unique Payers (MUPs) by 23% and a 25% increase in Average...Show More
On May 2, 2024, DraftKings Inc. reported a significant increase in revenue for the first quarter of 2024, with figures reaching $1,175 million, a 53% rise compared to the same period in the previous year. The company attributed this growth to robust customer engagement, efficient new customer acquisition, expansion into new jurisdictions, and improved promotional strategies. CEO Jason Robins highlighted the company's outstanding performance and the benefits of a scaled fixed cost structure. CFO Alan Ellingson announced an increase in the 2024 revenue guidance midpoint to $4.9 billion and the Adjusted EBITDA guidance midpoint to $500 million, reflecting confidence in customer acquisition and engagement for the remainder of the year. The company also reported an increase in Monthly Unique Payers (MUPs) by 23% and a 25% increase in Average Revenue per MUP (ARPMUP). DraftKings is expanding its footprint, with mobile sports betting now live in 25 states and iGaming in 5 states, as well as in Ontario, Canada. The company is also preparing to launch in Puerto Rico and is monitoring legislative developments in other jurisdictions. The financial results were released alongside a press release, a business update, and an earnings presentation on the company's investor relations website.

This announcement is a separate document:

Doc 1

Doc 2

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